New York’s tech scene is growing up. Venture capital investment is ballooning, tech giants like Google have added thousands of jobs in the city, and homegrown startups are beginning to find multi-billion dollar exits. Yes, the city is a long way from fulfilling the tired trope of becoming the “next Silicon Valley.” But New York techies like it that way. [ Bloomberg ]

WeWork, With $900 Million in Sales, Finds Cheaper Ways to Expand

As WeWork Cos. has grown to 200 buildings across the globe, the company said its increased size is helping cut costs for everyday needs like glass, wood flooring, aluminum and light fixtures. Early signs of financial improvement are encouraging for a co-working business that critics say is overvalued and spends with abandon. [ Bloomberg ]

What Could Hamper Stitch Fix’s Growth

For clothing shoppers looking for some fresh ideas, Stitch Fix’s personalized e-commerce service is a great option. But for investors looking for fresh ideas in e-commerce, Stitch Fix may be one to avoid. New data on credit card transactions suggest the novelty of its service wears off quickly. Customers who stay for two years spend half as much in the second as the first, the data show. To bring in new customers and remind old ones to buy again, Stitch Fix has increased ad spending to 10% of revenue in the first quarter of this fiscal year from 3% in 2016. But newer customers spend less than existing ones, according to the data, from research firm Second Measure. [ The
Information ]

We've Been Thinking About Dropbox All Wrong. It's a consumer software company with a side hustle.

One thing the public learned from Dropbox Inc.'s initial public offering document: The software company has impressive financials with relatively swift revenue growth and solid cash
flow. But there's also a confusing, potentially less-flattering revelation about Dropbox: We may be thinking about the company all wrong. [ Bloomberg ]

Stuck in a Reading Rut? How to Create New Book Habits

Even the most accomplished readers get stuck in a rut, defaulting to books in a genre they know they’ll enjoy instead of taking a chance on something different. But publishing professionals and readers who regularly flick between genres say you can find a new groove by looking to reliable sources and closely examining your literary habits. [ WSJ ]

Amazon has acquired Ring, maker of smart home doorbells, cameras, and security systems, GeekWire reports. The company was acquired for more than $1 billion, according to Reuters. The acquisition may be announced later today and was likely made to fuel its fight for the emerging in-home delivery and in-home services market.

Amazon debuted its in-home delivery service Key and Cloud Cam in October 2017. Then Assa Abloy, owner of some of the world’s largest
lock companies, acquired August Home, following the start of its in-home delivery trial. [ Venture Beat ]

Startup Foundations, Step 2: Team-based Team-building

If you’re reading this series in sequence, you’ve made it through the difficult first step of defining the needs of your foundational team, looking objectively at your existing team, and thinking strategically about the types of skill sets you need to meet your upcoming business milestones. Without those fundamentals in place, it will be difficult to hire the most suitable candidates for your company. If you have successfully conquered those building blocks, then congratulations! You’re ready to move on to the more tactical “how to hire” stage. [ Primary.VC ]